Wednesday 29th April, 2020
Landlords: Have you got insurance?
The property buy to let market continues to thrive as being a landlord is an investment that can often offer good returns. However, it can also get quite expensive when things start to go wrong. It can then begin to start eating into healthy profits and essentially start to leave you out of pocket. So it is important to ask yourself – do you have the right insurance? Having the right insurance can ensure that when things to start to go wrong, you are able to still have a healthy return.
So, what time of insurance should landlords consider?
Buildings insurance will cover the cost of repairing or replacing damage to your properties, for example your house catching fire or flooding. Some building insurance also covers permanent fixtures such as kitchen units and bathroom suites. Building insurance is not a legal requirement for landlords but it is normally a condition of a buy to let mortgage.
Emergency home cover
This type of cover means that if you have problems such as a gas leak or burst water pipe you are able to get it fixed straight away. Having this insurance and getting things fixed right away means that your property is not rendered uninhabitable for an extended period.
When you're a landlord, your tenants are responsible for their own possessions, however you may still want contents insurance to protect things that belong to you and may still be in the property, for example your carpets.
This type of insurance covers you if a tenant is injured in your property and decides to sue you as a result. This is usually a requirement for student and social housing.
Legal expenses insurance
There are a number of legal disputes that landlords may end up in, including arguments over rent or deposits. Having this type of insurance can help you cover the cost of taking legal action or defending yourself if you do have legal action brought against you.
If you are a landlord and looking for advice on landlord insurance please contact us today: